Facts

On the Web

The Ocala/Marion County Chamber & Economic Partnership is joining with underwriters Community Ventures Corp. of Lexington, Ky., to offer U.S. Small Business Administration loans through the brand-new Ocala Area Microloan Fund.

Ryan Lilly, director of Business Creation at the CEP, said the microloan program is not intended to compete with banks or the small business loans they offer but is meant to “complement the local finance landscape.”

“We’re able to look at a lower credit score or a lesser financial history than one of our banks would be accustomed to serving,” Lilly said. “That’s true of a lot of entrepreneurs just starting out. There are quite a few of those people who fall through the cracks and are still very deserving of some sort of financing option.”

Loan amounts may range from $1,000 to $50,000. The maximum term is six years.

According to the U.S. Small Business Administration website, microloans may be used for working capital, inventory or supplies, furniture or fixtures, and machinery or equipment. Borrowers may not use the loans to pay existing debts or buy real estate.

Lilly said business owners who are interested should contact him at ryan@OcalaCEP.com.

“The first step is setting up an appointment to meet the business owners, finding out what their capital needs are, seeing if they have a business plan, seeing how developed their business concept is and from there, looking at the application process itself,” he said.

Lilly, 25, who joined the the CEP in August after working at business incubators in Illinois and Virginia, said microloan or revolving-loan programs were successful there.

“I look forward to seeing the impact this program will have on the community,” he said.

<p>A “microloan” program, aimed at helping small business owners having trouble getting financing from traditional lenders, is now available in Marion County.</p><p>The Ocala/Marion County Chamber & Economic Partnership is joining with underwriters Community Ventures Corp. of Lexington, Ky., to offer U.S. Small Business Administration loans through the brand-new Ocala Area Microloan Fund.</p><p>Ryan Lilly, director of Business Creation at the CEP, said the microloan program is not intended to compete with banks or the small business loans they offer but is meant to “complement the local finance landscape.”</p><p>“We're able to look at a lower credit score or a lesser financial history than one of our banks would be accustomed to serving,” Lilly said. “That's true of a lot of entrepreneurs just starting out. There are quite a few of those people who fall through the cracks and are still very deserving of some sort of financing option.”</p><p>Loan amounts may range from $1,000 to $50,000. The maximum term is six years.</p><p>According to the U.S. Small Business Administration website, microloans may be used for working capital, inventory or supplies, furniture or fixtures, and machinery or equipment. Borrowers may not use the loans to pay existing debts or buy real estate.</p><p>Lilly said business owners who are interested should contact him at ryan@OcalaCEP.com.</p><p>“The first step is setting up an appointment to meet the business owners, finding out what their capital needs are, seeing if they have a business plan, seeing how developed their business concept is and from there, looking at the application process itself,” he said.</p><p>Lilly, 25, who joined the the CEP in August after working at business incubators in Illinois and Virginia, said microloan or revolving-loan programs were successful there.</p><p>“I look forward to seeing the impact this program will have on the community,” he said.</p>